ARMENIAN PRIME MINISTER: IN 2009-2010 ARMENIAN AUTHORITIES INTEND TO CONDUCT EXPANDED FISCAL AND MONETARY POLICY
ArmInfo
2009-07-23 16:48:00
ArmInfo. In 2009-2010 the Armenian authorities intend to conduct
expanded fiscal and monetary policy aimed at increasing state
expenditures to stimulate GDP growth, Armenian Prime Minister Tigran
Sargsyan said at the government’s sitting, Thursday.
He said this policy of the government and the Central Bank of
Armenia is justified under conditions of the global economic crisis
and supported by the International Monetary Fund, World Bank and
other international financial institutions. It aims not to hold
sequestrates under the crisis conditions, but to maintain the high
level of state expenditures with the use of its own and borrowed
funds, the prime minister said. He pointed out that over the last
5 years the fiscal and monetary policy in Armenia was restraining,
which kept the country’s economy from "overheat" under conditions
of two-digit growth of GDP. However, when the economic downturn was
observed, the government started attracting significant borrowed funds
for budget financing. Thus, for 2009 budget financing the government
will receive $150 mln from IMF, $60 mln from WB, and $80 mln from
the Asian Development Bank, Tigran Sargsyan said. ‘The international
financial institutions consider the expanded policy of the Armenian
government reasonable and this policy will be conducted in 2010 as
well to ensure anti-cyclic character and stimulate GDP growth while
the inflationary pressure is still low",- he said.
From: Emil Lazarian | Ararat NewsPress
